Last Year the Return on Total Assets in Justin Company

question 97

Multiple Choice

Last year the return on total assets in Justin Company was 8.5%.The total assets were $2,900,000 at the beginning of the year and $3,100,000 at the end of the year.The tax rate was 30%, interest expense totaled $110,000, and sales were $5,200,000.Net income for the year was

• A) $145,000.
• B) $222,000.
• C) $332,000.
• D) $178,000.

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Definitions:

Fulfilled

The feeling or state of being satisfied or completed, especially in terms of meeting one’s needs or achieving one’s goals.

Needs

The requirements necessary to maintain life and achieve personal fulfillment.

Actualize

To make actual or real; the process of realizing or achieving one's full potential or capabilities.

Values

Fundamental beliefs or standards that guide individuals' actions and decisions, often reflecting what is important in their life.